he figures compared with 54 cents a share on net income of us$ 31.3 million in the same quarter a year ago. Analysts polled by Reuters Estimates expected Bally to report earnings per share of 55 cents. Revenues in the quarter us$ 205.1 million, a decline of 17 % compared with us$ 247.4 million a year ago.
"Despite the continued challenging economy which has negatively impacted our customersу capital spending, our diversified business model drove yet another very profitable quarter," Bally Technologies CEO Richard Haddrill said in a statement.
Haddrill added that Bally improved its gross margins on slot machine sales while expenses fell. The company’s average slot machine price was us$ 14,245 in the quarter, which compared with us$ 13,329 a year ago.
MorganJoseph gaming analyst Justin Sebastiano said the lack of new casino openings and a marked slowdown by casinos in replacing older slot machines, contributed to the companyуs declining revenues. However, Sebastiano said Bally has been able to implement cost controls that showed up on the bottom line.
For the full fiscal year, Bally Technologies said it earned us$ 2.22 a share on net income of us$ 126.3 million. A year ago, the company earned us$ 1.85 a share on net income of us$ 107.2 million. Revenues for the full year were us$ 883.4 million, a decline of 1.8 % compared with revenues of us$ 899.7 million in fiscal 2008.
Bally said new slot machines and an expected improvement in spending by casinos starting next year would offset the current sluggish North American slot machine replacement market and an overall weakness in the economy.
The firm announced earnings after the close of trading on the New York Stock Exchange. Shares of the company closed Wednesday at us$ 37.61, down 51 cents or 1.34 %.